On January 1, 2018, Stoops Entertainment purchases a building for borrowing $340,000, signing a 9%, 10-year mortgage. Installment payments of $4,306.98 are due at the end of each month, with the first payment due on January 31, 2018. Record the first monthly mortgage payment on January 31, 2018 (Please show work)

QUESTION 11 On January 1,2018, Stoops Entertainment purchases a building for by borrowing $340,000, signing a 9%, 10-year mortgage. Installment payments of $4,306.98 are due at the end of each month, with the first payment due on January 31,2018. Record the first monthly mortgage payment on January 31, 2018 Debit interest expense $2,550. Debit cash 4,306.98 Credit Notes payable 1756.98 Credit Interest expense $2,550